Two Whistleblowers get $50 Million from SEC
Two whistleblowers were awarded $50 million by the Securities and Exchange Commission (SEC) due to the high-quality information they provided. One received 37 million, while the other $13 million.
This isn’t the first time that SEC has awarded money to whistleblowers. During 2017, two whistleblowers were awarded a total of $61 Million for providing information and assisting on the making of a case against the JP Morgan Chase & Co. 2018 also saw one individual receive $39 Million for their information and another receive $15 million.
“Whistleblowers like those being awarded today may be the source of ‘smoking gun’ evidence and indispensable in assistance that strengthens the agency’s ability to protect investors and the capital markets,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “These awards show how critically important whistleblowers can be to the agency’s investigation and ability to bring a case to successful and efficient resolution.”
Since issuing reward money in 2012, SEC has awarded $376 Million to over 61 whistleblowers. Not a single investor or market has been harmed to pay whistleblower rewards. Rewards from whistleblowers will range from 10% to 30$ of the money collected from the high-quality information they provided. The info provided must exceed a value of $1 million.
The Securities and Exchange Commission does not disclose any information regarding the whistleblower’s identity or protects their confidentiality at all costs. This is required by the Dodd-Frank Act.